Anti-dilution clauses in venture capital deals under Spanish law

The valuations of early-stage companies&nbsp, or companies with new business models can fluctuate significantly, even more so now, in the current economic context. This causes investors to seek protection from down-round financing. As a general rule, the higher the pre-money valuation is, the higher the risk involved, thus making it even more necessary for investors to include this type of mechanism to protect themselves. As an exception to the foregoing, shareholders agreements normally establish that said mechanisms will not be applicable to transactions where stock options plans&nbsp, are being exercised in benefit of the employees.